Loan Consultant Job Description
Loan Consultant Job Profile and Description
A loan consultant is the one who guides prospective loan applicants having problems with traditional loans. The guidance that they provide includes determining the appropriate loan type for a particular customer. He is also the one responsible for explaining the specific restrictions and requirements associated with the loan. The function of a loan consultant is similar to that of a loan officer. Within credit unions sometimes a loan counselor is alternate title for a loan officer.
Duties and Responsibilities
- To confer with the underwriters for resolving problems with mortgage applications.
- To contact borrowers who have delinquent accounts for obtaining full payment or negotiate repayment options.
- To contact the creditors to explain his/her clients’ financial situation and to arrange suitable options for both parties.
- To counsel clients with family and personal financial problems, such as excessive borrowing and spending.
- To establish the payment priorities in order to the reduce clients’ overall expenditure depending upon the credit and interest facilities.
- To maintain current know-how of credit regulations.
- To refer loans to be approved by the loan committee.
- To review accounts of collection agencies and determine their write-offs.
- To submit applications to the credit analysts for recommendation and verification.
- To analyze potential markets and opportunities for promoting loans and other financial services.
Skills and Specifications
- He should be through with the financial market.
- He should have the understanding of the working principles of banks and financial institutions.
- He should be efficient in business mathematics and should have good problem solving abilities.
- He should be a good motivator with commendable interpersonal skills.
- He needs to be verbally fluent and know both the working and regional language.
Education and Qualifications
A loan consultant is generally supposed to be a MBA in related stream and having additional degrees in the same field will surely give him an edge over the others.